Election 2024 live updates as Trump celebrates win, Biden gives first remarks since Harris' loss

Two sources familiar with the process told CBS News that two names being considered to be President-elect Donald Trump's secretary of state are Sen. Marco Rubio of Florida, who was on the short list to be his vice presidential running mate, and Richard Grennell, the former acting U.S. Director of National Intelligence and U.S. ambassador to Germany in Trump's first White House term.

They are not the only two being considered, the sources said.

Virginia Gov. Glenn Youngkin and Trump spoke Thursday. Youngkin told Trump he plans to serve the remainder of his term as governor of Virginia. His term ends in 2025. 

Trump announced that his campaign manager, Susie Wiles, will be his White House chief of staff. 

Wiles will be the first woman to serve in the role. 

In a statement Thursday evening, Trump called Wiles "tough," "smart" and "innovative" and said she is "universally admired and respected." 

"Susie Wiles just helped me achieve one of the greatest political victories in American history, and was an integral part of both my 2016 and 2020 successful campaigns," Trump said. 

Read more about Wiles here. 

In a phone interview with NBC News after winning the presidency, Trump said there is "no price tag" for the deportations en masse he hopes to accomplish as president. During his campaign, Trump pledged to carry out the largest deportations in history, and illegal immigration was a dominating issue of his campaign. 

"It's not a question of a price tag. It's not — really, we have no choice," he told the network. "When people have killed and murdered, when drug lords have destroyed countries, and now they're going to go back to those countries because they're not staying here. There is no price tag."

Trump, in the NBC interview, also credited Latinos for his decisive victory. Exit polls show Latinos had a significant swing toward Trump from the 2020 election. 

"They want to have borders, and they like people coming in, but they have to come in with love for the country," Trump told the network. "They have to come in legally."

Experts have told CBS News Trump's plan for mass deportations would cost billions of dollars. There are more than 11 million undocumented immigrants living in the United States, roughly 3% of the U.S. population.

Trump also told NBC about the calls he had with Harris and Mr. Biden since Tuesday's victory. 

"Very nice calls, very respectful both ways," Trump said, describing the conversations, adding that he and Harris talked about the transition. 

Both Mr. Biden and Harris have pledged a peaceful transition of power. 

As of Thursday afternoon, CBS News estimates Arizona is leaning Trump. Mr. Biden flipped Arizona in 2020, making it only the second time since 1948 that the state had voted for a Democrat in a presidential election.

The Senate race in Arizona is lean Democrat, CBS News estimates. 

During a press conference after the Fed's meeting, chairman Jerome Powell was asked by a reporter if he would resign his post if Trump asked him to. Powell replied with "no."

Asked if he believes he is required under the law to step down, the Fed chair again replied, "no."

Read more here. 

The Fed's meeting on Thursday is the first since Tuesday's election, and their decision to cut interest rates another 0.25% is likely to have an impact on the economy during Trump's presidency. 

Federal Reserve Chair Jerome Powell is likely to be asked about the potential impact of Trump's policies on monetary policy and the economy during Thursday's press conference, Powell has generally shied away from direct commentary on White House administrations. Instead, he has stressed the independence of the central bank and that its officials make their decisions based on data, not politics. 

Even so, Trump's policies could make the Fed's job more difficult, given that the president-elect's combination of tariffs, tax cuts and mass deportation of undocumented immigrants is expected to boost prices by as much as 1 percentage point at a time when inflation is close to the Fed's goal of an annual 2% rate.

If Trump's policies reignite inflation, the Fed would be hard-pressed to continuing easing borrowing costs, and could instead be forced to raise rates to counter those inflationary pressures. 

Read more here. 

While Vice President Kamala Harris and Gov. Tim Walz won the statewide presidential vote in Minnesota, President-elect Donald Trump and running mate JD Vance outgained them in the county where Walz first entered politics.

Walz represented Minnesota's 1st Congressional District, which includes Blue Earth County, from 2006 to 2019. He and his family lived in Mankato, the county's seat.

According to unofficial results from the Minnesota secretary of state, Trump carried 49.9% of the vote in Blue Earth — 18,002 voters — while the Democratic ticket earned 48.18%, or 17,558 voters. 

Statewide, Harris beat Trump 50.88% to 46.66%. A Republican hasn't won Minnesota since Richard Nixon in 1972.

Read more at CBS Minnesota. 

In a call House Republicans had with the congressional Republicans' campaign arm, Speaker Mike Johnson said Republicans in Washington have a "mandate," according to a source familiar with the call. 

The source said Johnson said "there is a mandate — we are a center right country, this is the most consequential Congress in history." 

The campaign arm chair Richard Hudson expressed confidence that Republicans will ultimately be successful in winning the House majority. 

he Democratic Party is taking stock of what went wrong and how they can move forward after Kamala Harris' election loss to Donald Trump. Democratic strategist Hyma Moore joined CBS News to discuss how the party might try to regroup.

House Minority Leader Hakeem Jeffries extended congratulations to Trump for his victory over Harris and praised Harris and her running mate Minnesota Gov. Tim Walz for running what he called an "inspired and positive campaign focused on lifting people up."

"I am proud that the Democratic Party does not believe in election denial. Our democracy is precious and it involves elevating public trust in our system of free and fair elections, not undermining it," Jeffries, a New York Democrat, said. "We cannot love America only when we win. The American people have spoken. I congratulate President-elect Donald J. Trump."

Jeffries noted that control of the House has not yet been decided, with results still outstanding in districts throughout the country, including several battleground districts. 

Mr. Biden delivered an appeal to voters who may be disappointed and frustrated with the outcome of the election, urging them not to be dismayed and continue fighting for the values and policies they support.

"Setbacks are unavoidable but giving up is unforgivable. We all get knocked down but the measure of our character, as my dad would say, is how quickly we get back up," he said.
"Remember, a defeat does not mean we are defeated. We lost this battle. The America of your dreams is calling for you to get back up."

The president encouraged people to stay involved in the political process and have faith in the promise of the nation.

"The American experiment endures," Mr. Biden said. "We're going to be OK. But we need to stay engaged. We need to keep going, and above all, we need to keep the faith."

The president acknowledged the achievements of his administration, while stressing that time remains to get things done before a new administration enters the White House.

"Together we've changed America for the better," Mr. Biden said.  "Now we have 74 days to finish the term — our term — let's make every day count."

The president said  much of the work his administration has done "is already being felt by the American people, noting that the vast majority of it "will be felt over the next 10 years."

Mr. Biden said there's legislation that is now just beginning to kick in, citing the over $1 trillion of infrastructure work he authorized, "because it takes time to get it done."

"There's so much more that's going to take time, but it's there," he said. "The road ahead is clear assuming we sustain it."

Mr. Biden reiterated what has been a common theme throughout his own presidential run in 2020 and this cycle before he withdrew from the race: the battle for the soul of America

"I know for some people, it's a time for victory, to state the obvious. For others, it's a time of loss. Campaigns are contests of competing visions. The country chooses one or the other. We accept the choice the country made."

The president told supporters that in the U.S., love of country should not be fleeting based on success at the ballot box.

"You can't love your country only when you win," he said. "You can't love your neighbor only when you agree with them"

Mr. Biden said the public should see one another as "fellow Americans," and hopes the nation will "bring down the temperature."

Mr. Biden reiterated that the election was security and results will be accepted.

"I also hope we can lay to rest the question about the integrity of the electoral system. It is honest. It is fair. And it is transparent. And it can be trusted, win or lose," he said. "I also hope we can restore the respect for all of our election workers who busted their necks and took risks at the outset."

The president said election workers should be thanked for counting votes and protecting the integrity of the election. He reiterated that there will be a transfer of presidential power on Inauguration Day early next year.

"On Jan. 20, we'll have a peaceful transition of power here in America," he said.

Mr. Biden said Harris "ran an inspiring campaign," despite her loss to Trump. He noted that the two spoke on the phone on Wednesday, after Trump's victory was projected.

"She has a backbone like a ramrod," Biden said, while touting Harris' character. "She gave her whole heart, effort, and she and her entire team should be proud of the campaign they ran."

The president also began marking the end of his own time in office, thanking his team and acknowledging what his administration has been able to accomplish. 

"You put so much into the past four years," Mr. Biden said. "I know it's a difficult time. You're hurting. I hear you and I see you, but don't forget, don't forget all that we accomplished."
Mr. Biden said his term has been "a historic presidency, not because I'm president, because what we've done – what you've done."

In his first remarks since Harris lost to Trump, Mr. Biden highlighted the nation's commitment to democracy.

"For over 200 years, America has carried on the greatest experiment in self government in the history of the world," he said. "The people vote and choose their own leaders and they do it peacefully. And in a democracy, the will of the people always prevails."

Mr. Biden said he spoke with Trump on Wednesday, and he reiterated a commitment to a peaceful transition.

"That's what the American people deserve," he said.

With 74 days left in her term, Vice President Kamala Harris returns to the White House following her concession speech at Howard University. CBS News correspondent Willie James Inman has more on Harris's remarks and her final months in office.

Trump has repeatedly pledged to "fix our borders," as he campaigned heavily on immigration on the campaign trail, with promises including to implement "the largest deportation program in American history." And his rhetoric could soon become reality as he's poised to return to the White House next year. 

The pledge comes as at least 11 million undocumented immigrants are in the country. Deporting one million people a year would take 1,000 new courtrooms to process and cost taxpayers an estimated $88 billion, which is roughly 11 times Immigration and Customs Enforcement's annual budget.

But Trump's promise to "rescue every city and town that has been invaded and conquered" appeared to drive voters to the polls.

For Trump's supporters, many trust he will keep his word, based on actions he took during his first administration. During his first month in office in 2017, Trump signed an executive order banning travel from six Muslim majority countries. A year later, he implemented a zero-tolerance policy that separated migrant children from their parents. And during the pandemic, he shut down asylum at the U.S.-Mexico border under Title 42. 

Meanwhile, half a million people who came to the U.S. from Venezuela under a Biden administration humanitarian parole program which is set to expire face worries that they can no longer stay. 

"My fear at this moment is having to return to a country in those conditions," Maria Martinez said. 

Harris' running mate, Minnesota Gov. Tim Walz, 60, returned to his state Wednesday evening to continue to serve his second term as governor. Peggy Flanagan, who would have stepped into the governorship had Walz's ticket won, will remain lieutenant governor. 

Walz has two years left on his term. For the remainder of the term, he may have a harder time getting policies passed compared to the accomplishments made during the landmark 2023 session.

As of now, control for the Minnesota House is up in the air after Republicans were able to flip three seats, with several other races likely heading to a recount — meaning the Democratic "trifecta" of power in the state is in doubt.

Read more from CBS Minnesota. 

— Cole Premo, Stephen Swanson, Esme Murphy

The Federal Reserve on Thursday is expected to cut interest rates by 0.25 percentage points, or half the size of its September reduction, according to forecasts from economists polled by FactSet. 

The two interest rate cuts are likely to have a huge impact on the economy in the upcoming administration. 

Read more about the expected rate cut here. 

Although all 435 seats in the House were up in the 2024 election, only about 40 were considered competitive, according to the Cook Political Report. 

As of Thursday morning, Democrats were projected to win at least 203 seats and Republicans 211 seats. A party needs 218 seats in order to have the majority. 

House Democrats need to flip four Republican-held districts — while also winning every seat they currently hold — to retake the majority they lost in 2022. 

Republicans currently have a narrow majority in the House, with 220 seats, while Democrats control 212 seats. There are three vacancies. 

Follow along with live updates here. 

Although Republicans have already picked up several key seats to secure a majority and flip control of the chamber, three Senate races in the battleground states of Nevada, Arizona and Pennsylvania remain up in the air on Thursday morning. A winner also hasn't been projected in Maine's Senate race, though independent Sen. Angus King is likely to secure reelection. 

Republicans already have victories projected across 52 races, securing a slightly larger majority than Democrats have had for the last four years in the upper chamber. And with the remaining battleground races, that majority could grow. 

In Nevada and Pennsylvania, Sens. Jacky Rosen and Bob Casey, the Democratic incumbents, are fighting to hold onto their seats, while in Arizona, Democratic Rep. Ruben Gallego and Kari Lake are facing off for departing Sen. Kyrsten Sinema's seat. 

Follow along for live updates here. 

Trump named former Goldman Sachs CEO Howard Lutnick and former Small Business Administration administrator Linda McMahon to head up the transition team in the summer. They issued a joint statement late Wednesday saying that they will in "the days and weeks ahead, President Trump will be selecting personnel to serve our nation under his leadership and enact policies that make the life of Americans affordable, safe, and secure." 

In 2016, the Trump transition team was marred by a late start and infighting, although Trump did name Chris Christie to head the transition team within several days of being elected. It's unclear when the names of Cabinet appointees will be announced. 

The president is set to address the nation Thursday morning in the aftermath of former President Donald Trump's projected victory in the 2024 elections. Mr. Biden spoke with Vice President Kamala Harris over the phone on Wednesday along with Trump, expressing his commitment to a smooth transition — and inviting the president-elect to a meeting at the White House.